The total value of Egyptian imports in the first half of 2014 reached $30.3bn, recording a 14% decrease compared to the same period last year that stood at $35.2bn, according to a report by the Egyptian International Trade Point (EITP).
EITP reported that the total value of imports from the US between January and August recorded $4.5bn, representing an increase of 24% compared to $ 3.6bn last year.
The report added that the value of Egyptian imports from the European Union (EU) between January to July reached €9.6bn in 2014, compared to € 8.6bn in the same period in the previous year – an increase of 11%.
“The total value of Egyptian exports in the first half of 2014 reached $ 14.6bn, recording a decrease of 6% compared to the same period of the previous year, which amounted to $15.5bn,” stated the report.
The total value of Egyptian exports to the US from January to August 2014 reached $0.96bn, registering an 18% decrease compared to $ 1.1bn in the same period last year.
Meanwhile the total value of Egyptian exports to EU between January and July 2014 increased, recording €5.4bn by 20% compared to the same period last year which amounted to € 4.5bn, according to the report.
EITP attributed the cause of the decline in the value of exports to the low value of some commodities, notably oil and raw materials from iron and steel, corn, and plastic products.
Advisor to the Minister of Industry and Foreign Trade Said Abo Elqosan stated that the increase in the value of Egypt’s exports to the EU is partly a result of trade agreements.